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A homeowner receives a tax bill that includes an amount for the library district, taxed at $1.00 per $1,000, and the fire protection district, taxed at $2.00 per $1,000. How much does the taxpayer have to pay for these two items if the property’s taxable value is $47,000?
A town is replacing a sidewalk that serves five homes. The length of the sidewalk is 200 feet. Mary’s property has 38 feet of front footage. If the cost of the project to be paid by a special assessment is $7,000, what will Mary’s assessment be?
Frank owns a lot measuring 80 ft. x 120 ft. The city puts in a new street on the front and the side of his house and assesses him 6 cents per square foot based on the area of this lot. His costs are
If a loan amount is $200,000 and the borrower is paying 2 points, the cost of those points is
If James’s quarterly interest payments are $150 on a $12,000 loan, then what is her annual interest rate?
Sam bought a home for $31,680 and now wishes to sell. He is informed that the cost of selling will amount to 12% of the selling price. He wants to sell at a high enough price that he doesn’t take a loss. How much does the home need to appreciate in value to offset the selling costs?
The reciprocal of 8% is
The Nathan family sold their home and had to carry back a Second Trust DeedÂ and note of $5310.00. If they sold the note for $3823 before any payments had been made on the note, the rate of discount amounted to
Which of the following is the largest parcel of land?
Mr. Fitzgerald wanted to remodel his business, so he got a loan of $4,300, at a rate of 6 percent interest. He paid this loan off in 8 months. Knowing this, what was the total amount of interest Mr. Fitzgerald paid?
A building has interior dimensions of 26 feet by 30 feet. The walls are 6 inches thick on every side. How much square footage of land does it cover?
An investor is going to have a building constructed which would cost $150,000. When completed, it will be leased for $2,500 per month. The annual operating expenses for the property will be $6,000. How much should he invest to realize a 12% return?
If the Seller has paid the monthly homeowner association assessment of $620 for the month of July, what would be the amount of the credit due to the seller if the closing is July 1?
A house sold for $350,000. The seller paid a brokerage commission of six percent, legal fees of $600, and had other closing costs of $3,000. What are the net proceeds from the sale?
A homeowner bought a house five years ago for $250,000. Since then, the homeowner has spent $6,000 to pave the driveway and has added a central heating/air-conditioning system at a cost of $10,000. What is the homeowner’s adjusted basis if the house is sold today?
A homeowner sold her house and had net proceeds of $191,000. Her adjusted basis in the home was $176,000. She immediately bought another house for $200,000. What was her capital gain?
A school district’s tax rate is 10 mills. The school district’s required revenue from taxes is $10,000,000. What is the tax base of the area?
After subtracting $140.00 escrow fees and 6% commission on gross sales price, a seller receives $13,584.00. What is the selling price?
John Peterson purchased a property at 20% less than the listed price and later sold the property for the original listed price. What was the percentage of profit?
The Robertsons’ purchased a residence for $600,000. They made a down payment of $120,000 and agreed to assume the seller’s existing mortgage, which had a current balance of $200,000. The Robertsons’ financed the remaining $37,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan is called a:
Lots “A”, “B” and “C” sold for a total price of $39,000. If lot “B” was priced at $6,400 more than lot “A”, and lot “C” was priced at $7,100 more than lot “B”, the price of lot “A” was
A house sold for $42,000. The buyer made a 20% down payment. Monthly interest on the loan was $252. What was the interest rate on the loan?(MATH help)
Assume a real estate salesman sold a residence for $31,000. If the broker’s commission was 6% and the salesman was to receive 45% of the total commission for selling the property, the salesman would receive
The Smiths are purchasing a home for $600,000 and the lender is giving them a 80% loan at 6% interest, plus a 4% loan origination fee. How much is the loan origination fee?
An apartment house property costs $240,000 and this price has been verified to be an accurate estimate of the property value. In comparable circumstances it is also verified that the owner may use a 10% capitalization rate to the purchase price in determining his net income. Should there be a 10% increase in rental income with no increase in the ownerâ€™s expense and should the capitalization rate of the property be increased to 12%, what would be the estimated value of the property be?
Your home is valued at $104,000. Property in your city is assessed at 70% of its value, and the local tax rate is $3.35 per $100. What is the amount of your monthly taxes?
Able purchased a $15,000 home. His down payment amounted to 6 2/3% of the purchase price; the balance was carried as a first trust deed bearing interest at 8.4% per annum. The principal is to be repaid at $50.00 per month. A three-year insurance policy costs $72.00; the property taxes are $360.00 per year. Able is required to make a proportionate monthly payment to a loan trust fund for these items. The total amount of the first monthly payment most nearly would be
A house that was listed for $164,000 sold for $158,000. The new loan amount was $124,000. The state where the sale occurred charges a transfer fee which is computed at the rate of $3 per $1,000. What is the transfer fee for this transaction?
A husband and wife own a vacation home in the mountains. The annual taxes on the property are $400.00. Since the total taxes cannot exceed 1% of the full cash value of the property, the “full cash value” of the property would be
A buyer purchases a home for 137,000 and places a $3,000 earnest money deposit. The buyer obtains a 75% LTV loan with no additional closing costs or prorations to be paid. How much will the buyer need to bring to closing?
A house sold for $16,350, which amount was 9% more than the cost of the house. The cost of the house was
The purchase price for a new home was $230,000. The buyer put down 20%, and the balance was a mortgage for 80% of the purchase price. The appraised value at the time of closing was $250,000, and the assessed value was $220,000. What will the buyer pay for one yearâ€™s property taxes, if her tax rate is 0.2%?
The West Railroad Company sold XYZ Developers three sections of land that had been divided into 20 acre parcels. 16 sold at $4,000 each and the remainder sold at $5,000 each. Which of the following was most nearly the total amount realized by the seller?
A borrower pays $200,000 for a home, makes a down payment of $40,000 and obtains a loan for the balance of the purchase price. The lender charges four (4) discount points for the loan. How much will the borrower pay in discount points?
A building was purchased for $350,000 with 20% down payment. If the lender charged the buyer three discount points, how much will the buyer need to cover these two items?
A tax assessor determined that a commercial building with a 3.5% mortgage has a market value of $400,000. If the assessed value is 60% of market value and the tax rate is 63 1/8 mills, what is the annual tax?
A buyer contracts without contingency the pursue purchase of a $200,000 home. The lender appraised the house at $180,000 and agrees to make an 80% loan to value loan. Excluding closing costs how much cash must a buyer pay toward the purchase price.
The fastest way to calculate one month’s interest on a real estate loan with an interest rate of 7.2% interest per annum is to multiply the principal balance by
A duplex with a fair market value of $20,000 and an outstanding loan balance of $12,000 was exchanged for a four-plex with a market value of $35,000 and an outstanding $18,000 loan balance. The owner of the duplex would pay in cash or secondary financing
Mr. Robinson, licensed broker, took an offer from Mr. Patterson on land for $6,000 with the following terms: $2,000 down and purchase money trust deed and note for the balance, payable $70 per month including interest at 7.2%. If the offer was accepted by the seller, what is the balance of the loan after the first 3 months payment?